ITR for Partnership

Partnership firm compliance incorporates filing of income tax return while corporate bodies like Company and LLP need both income tax return filing with the Income Tax Department and annual return filing with the Ministry of Corporate Affairs. Partnership firms that are having annual turnover of more than Rs.100 lakhs are also necessary to get a tax audit.

Besides basic compliance, partnership firms may also be needed to follow GST regulations, TDS regulations, VAT or CST regulations, ESI regulations, service tax regulations and others. The compliance of a business depends on the kind of industry, entity, state of incorporation, sales turnover and number of employees.

One Click Business Solutions is the largest business services provider in India. We offer a variety of services like partnership firm compliance, LLP registration, trademark filing, GST registration, income tax filing and others. We at One Click Business Solutions can help you managing compliance of your partnership firm. Feel free to contact us for partnership compliance maintenance through with our experienced and learned professionals.

Partnership Features

1. GST Filing

Under the GST rule, partnership firms having GST registration need to file monthly, quarterly and annual GST returns.

2. Income Tax Filing

Income tax filing should be filed by all partnership firms. Partnership firms having more than Rs.100 lakhs of annual turnover are needed to perform tax audit.

3. TDS Filing

Quarterly TDS returns should be filed by partnership firms having TAN and are needed to deduct tax at source according to TDS rules.

4. ESI Return

ESI return needs to be filed by all partnership firms which are having ESI registration. ESI registration is necessary once the partnership firm has more than 10 employees.

Process of Registration

checklist 1

1. Documentation
2. GST Returns
3. TDS Returns
4. Finalization of Balance Sheet
5. Income Tax Return
6. Tax AuditStep

Document Required

1. Invoices for purchase or sale
2. Invoices for expenditure Credit Card Statements when expenses are incurred by Partner for the Firm
3. Copy of TDS challans deposited
4. Copy of TDS Returns
5. Bank Statement from 1st April to 31st March of the pertinent Financial Year for all bank accounts of the Firm
6. Any other relevant documents, if needed


Frequently Asked Questions

Once partnership firm can make an annual turnover of Rs. 2 crores, it is mandatory for a Partnership Firm to get their accounts audited, as per the Income Tax Act, 1961.
As per TDS rules, a partnership firm is supposed to file quarterly TDS returns, if they have a TAN and deduct tax at source.
ESI Return should be filed by Partnership Firms who have done ESI registration. A Partnership firm must take ESI Registration, if it exceeds 10 employees.
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